FedDev Ontario: $440k for TechAlliance of Southwestern Ontario
The TechAlliance of Southwestern Ontario’s BURST incubation program supports startups in the medical technology sector that positions London, Ontario as a focal point for life science innovation. BURST has recently received a replenishment of funding which will allow the program to give more local innovators the chance to turn their ideas into profitable businesses and grow Canada’s medical technology ecosystem.
TechAlliances’s BURST has received $440,000 in funding for technology via FedDev Ontario.
FedDev Ontario delivers programs and services to support innovation growth in southern Ontario and helps startups become investment-ready through seed financing and skills development. The funding from FedDev Ontario will allow BURST to provide more than 10 startups the tools they need to become investor-ready.
FedDev Ontario: $440k in Funding for Medical Innovations
The TechAlliance of Southwestern Ontario’s BURST program provides one-on-one support over 12 months to some of the London region’s most highly successful innovators. BURST generally focuses on companies from the medical device, life science, and health information technology sectors. Throughout the 12-month period, businesses receive professional insight on four pillars: company structure, investor readiness, intellectual property, and market validation. In addition, those who are a part of the incubator receive:
- $10,000 for professional development provided via TechAlliance;
- $30,000 in funding; and
- $30,000 from the London Medical Network (specific qualifications required).
$440k in FedDev Ontario funding has been invested into the BURST program to help foster life science entrepreneurship in London.
The funding for technology from FedDev Ontario will enable TechAlliance to continue the BURST program and enable another group of 10 entrepreneurs with mentorship, skills development, and seed funding. The incubator has now had three full cohorts for a total of 30 companies. A fourth cohort will start up later this year and applications are no longer being accepted.
This recent funding builds on previous support for TechAlliance, as FedDev Ontario contributed $1.32M to initially launch BURST. To date, over 54 full time jobs have been created across the first three cohorts.
FedDev Ontario: Innovation Programs in Southern Ontario
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) delivers programs in southern Ontario to help companies foster partnerships, grow, and build solid communities. It also offers personalized support to go-getting and established entrepreneurs and businesses.
FedDev Ontario supports innovative projects in southern Ontario that will:
- Increase the value of exports;
- Create and maintain highly skilled jobs;
- Strengthen key clusters and build on areas of regional innovation strength; and
- Increase the commercialization of innovative technologies, processes, or products.
Through FedDev’s multiple startup funding streams, businesses can receive repayable contributions from $250,000 up to $10 million per project.
FedDev Ontario is now accepting applications for its Business Scale-up and Productivity (BSP), Community Economic Development and Diversification, and Regional Innovation Ecosystem programs.
The Business Scale-up and Productivity (BSP) program supports businesses as they adopt technologies that have a substantial impact on productivity. The funding incentive places a direct focus on using technology to grow southern Ontario businesses so that they can compete more effectively with international firms. Businesses may receive a repayable contribution (no-interest loan) of up to 35% of eligible project expenses to a maximum $10 million.
Canadian businesses interested in learning about additional funding programs that support innovative projects, please download Mentor Works’ Canadian Business Funding Guide.